Contracts
Under North Dakota contract law, 'rescission' means:
AOne party assigns their contract rights to another
BThe contract is cancelled, restoring the parties to their original positions✓ Correct
COne party's obligations are modified by a court
DThe contract is transferred to a third-party buyer
Explanation
Rescission cancels the contract and restores both parties to the positions they were in before the contract was formed, requiring each party to return whatever was exchanged.
Related North Dakota Contracts Questions
- In North Dakota, a contract clause requiring all disputes to be resolved by arbitration rather than courts is called:
- In North Dakota, a real estate licensee who prepares a purchase agreement is:
- Under North Dakota's recording act, in a dispute between two competing purchasers of the same property, who prevails?
- A North Dakota purchase agreement states the seller will provide marketable title at closing. 'Marketable title' means:
- In North Dakota, 'earnest money' in a real estate transaction primarily serves as:
- A counteroffer legally:
- Under the North Dakota Seller's Disclosure Statement, the seller must disclose:
- In a North Dakota real estate transaction, 'specific performance' means a court orders:
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →